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What Is a Cash-Out Refinance? A cash-out refinance is a refinancing of an existing mortgage loan, where the new mortgage loan is for a larger amount than the existing mortgage loan, and you (the borrower) get the difference between the two loans in cash.
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The state of Texas is unique when it comes to cash out or home-equity loans. Unlike most states, Texas allows a home owner to only borrower up to 80% of their home’s value. This is meant to protect home owner’s equity.
Generally, Texas cash out loans is used for several reasons. Some major expenses are paid for using Home Equity Loans such as paying off medical bills, paying off some credit card debts, home repairs or even to fund a college education. The loan increases the lien on the borrower’s house and reduces the amount of equity they have in their home.
The following are acceptable uses for cash-out refinance transactions: paying off the unpaid principal balance of the existing first mortgage; financing the payment of closing costs, points, and prepaid items. The borrower can include real estate taxes in the new loan amount.
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Revision date 11/21/2017 version 2.0 Most recent updates in red font Texas Section 50(a)(6) Refinance Eligibility Matrix and Summary Guidelines Information and Disclaimers Regarding Use of this Document
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Also, you can do a regular refi in Texas to pay out a divorce settlement or to refi and include all closing costs and no more than $2000 in cash back. It is a cash-out when more than $2000 is taken out by the borrower. The amount you can take out is up to 80% of the appraised value of the home.
Below is the verbiage found on the 12 Day Letter for Texas Home Equity Cash Out Refinances (A6). In all honestly, this blog entry is to provide the verbiage for Texas A6 refinances in the event someone really wants the details for financing (or has trouble getting to sleep at night). If you are considering [.]